Handling of errors

A member that makes a mistake in entering orders into the ETFplus market may ask for the error handling procedure. Please note that:

1) the request has to be submitted to Markets Supervision of Borsa Italiana as promptly as possible by telephone, by sending a written request to the following e-mail address : ms@borsaitaliana.it;
2) the mistake has to be evident.

If there is no agreement between counterparties, Borsa Italiana may activate the “extraordinary procedure” when conditions 3 and 4 are also met:

3) the loss must exceeds the amount of:
a) 12,500 €  in case of mistakes resulting from the entry of a single order or quotation;
b) 25,000 €  in case of mistakes, involving the same instrument, resulting from the entry of  more than one order or quotation. The interval between the conclusion of the first and last trade to which the request refers must not be more than 60 seconds.

4) the price of the trade executed during the continuous period must be higher or lower than a fixed price obtained by adding or subtracting the maximum price variation limit of trades with respect to the dynamic price to the “theoretical reference price”.

In determining the “theoretical reference price” for the ETFplus market, Borsa Italiana refers to one of the following prices:

  • the arithmetic mean of the prices of a minimum of three and a maximum of ten consecutive trades on the same day, chosen among those preceding or following the error;
  • the reference price;
  • the mean of the specialist’s bid-ask quotations entered on the same day, chosen among those prior or subsequent to the error if not affected by the error itself.

The maximum price variation limit of trades with respect to the dynamic price is set, unless otherwise specified, according to the market segment where the instrument is traded (please refer to “Guide to the Parameters” for trading on the regulated markets organized and managed by Borsa Italiana):

Category Limit
Fixed Income ETF
Without leverage Underlying on overnight rate (euro) ± 0,15%
Underlying with maturity 0-1 year (euro) ± 0,35%
Underlying with maturity 0-1 year (other than euro)
Underlying with maturity 1 – 3 years
± 0,75%
Underlying with maturity 3-10 years ± 1,25%
Underlying with maturity more than 10 years
Underlying on corporate non investment grade
Underlying emerging markets
± 1,75%
With leverage ± 2,5%
Equity ETF
Without leverage ± 2,5%
With leverage ± 5%
Without leverage ± 5%
Maximum leverage equal to 2 ± 5%
Leverage more than 2 ± 7,5%

The “extraordinary  procedure” may result, among other, in one of the following action:

  • trades cancellation;
  • transactions re-pricing.


The content of this page is not intended to be exhaustive but for information only. For further details please refer to the Rules of the markets organized and managed by Borsa Italiana S.p.A and related Instructions (http://www.borsaitaliana.it/borsaitaliana/regolamenti/regolamenti/regolamentoborsa-istruzionialregolamento.en.htm).

The Exchange accepts no responsability for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds.